INDIA S EXTERNAL DEBT for the Quarter ENDED DECEMBER 2004

Transcription

1 GOVERNMENT OF INDIA INDIA S EXTERNAL DEBT for the Quarter ENDED DECEMBER 2004 MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS EXTERNAL DEBT MANAGEMENT UNIT MARCH

2 INDIA S EXTERNAL DEBT for the Quarter ENDED DECEMBER 2004 MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS EXTERNAL DEBT MANAGEMENT UNIT MARCH

3 CONTENTS Page No. 1. Introduction 1 2. External Debt Stock 1 3. External Debt Indicators 3 4. External Debt and Foreign Currency Assets 4 5. Currency Composition 4 6. External Debt Management 5 Figures 1 Composition of India's External Debt at end-december Share of Government & Non-Government External Debt 3 3 Currency Composition of India s external debt at end-december Text Tables 1 India's External Debt 1 2 India's Key External Debt Indicators 3 3 Currency Composition of India's External Debt 4 Annex I India's External Debt Outstanding - (Quarterly-Rupees crore) 6 Annex II India's External Debt Outstanding - (Quarterly-US $ million) 8 Annex III India's External Debt Outstanding - (Annual-Rupees crore) 10 Annex IV India's External Debt Outstanding - (Annual-US $ million) 13

4 INDIA'S EXTERNAL DEBT FOR THE QUARTER ENDED DECEMBER Introduction 1.1 As required under Special Data Dissemination Standards (SDDS) of the International Monetary Fund (IMF), India s external debt data are disseminated on a quarterly basis within three months of the close of the reference quarter. The Reserve Bank of India (RBI) and Ministry of Finance (MOF), Government of India, are engaged in the publication of external debt statistics. While RBI releases external debt data for the two quarters ending March and June, MOF disseminates such information for the remaining two quarters, ending in September and December. The current publication covers details of India s external debt for end-december External Debt Stock 2.1 India s total external debt rose by US$7.3 billion to US$120.9 billion as at the end of December 2004 from US$113.6 billion at end-september 2004 (Table1). A large part of the increase, about 57 percent or US$4.1 billion, is explained by the valuation change arising out of depreciation of the US dollar against other major international currencies. Quarterly disaggregated data on external debt outstanding in terms of both Rupees as well as US dollars are provided for the last five quarters in Annex I and II, respectively. Annual data are also given in Annex III and IV. Table 1: India's External Debt (US $ million) Item At the end of Variation (absolute) Variation (Per cent) December Sept. December Sept.04 Dec. 03 Sept.04 Dec. 03 to to to to 2004QE 2004P 2003 P Dec. 04 Dec. 04 Dec. 04 Dec Multilateral 31,661 30,142 30,357 1,519 1, Bilateral 17,832 16,634 17,730 1, IMF Export Credit 4,978 4,586 4, Commercial Borrowing 25,371 23,284 21,104 2,087 4, NRI Deposits (long-term) 31,799 30,559 30,128 1,240 1, Rupee Debt 2,392 2,305 2, Long-term Debt (1 to 7) 114, , ,778 6,523 7, Short-term Debt 6,864 6,090 6, Total debt (8+9) 120, , ,801 7,297 8, P : Provisional QE : Quick Estimates 2.2 Component-wise, long-term debt outstanding was US$ billion at end- December 2004 showing a rise of US$6.52 billion over the quarter. Within the group of long-term

5 2 debt, while multilateral debt rose by US$ 1,519 million to US$31,661 million, bilateral debt increased by US$1,198 million over the quarter to US$17,832 million. Thus, multilateral and bilateral debt put together rose by US$2.7 billion over the quarter, of which US$2.2 billion was accounted for by the depreciation of the US dollar. Export credit outstanding at US$4,978 million was a shade higher, and outstanding under commercial borrowings at US$25,371 million were larger by US$2,087 million as compared with those at the end of the preceding quarter due to increased access to international capital market by Indian corporates and higher FII investment in Indian debt papers. While Rupee debt remained broadly at the same level as at the end of previous quarter, NRI deposits rose by US$1,240 million mainly due to weakening of the US dollar. 2.3 Short-term debt increased by 12.7 percent over the quarter to US$6,864 million at end-december 2004 on account of a rise in trade credits. Increase in trade credits can be attributed to larger import growth during the current fiscal year so far. 2.4 In terms of their share in total debt stock, multilateral debt constituted 26.2 per cent of the total debt at end-december Non-Resident deposits accounted for 26.3 percent, followed by commercial borrowings at 21.0 per cent. The share of bilateral debt was 14.7 per cent. Export credit and Rupee debt accounted for 4.1 percent and 2.0 per cent, respectively. The share of shortterm debt was 5.7 per cent (Figure 1). Figure 1: Composition of India's external debt at end-december 2004 Commercial Borrowings 21.0% Export Credit 4.1% NRI & FC(B&O) Deposits 26.3% Bilateral 14.7% Rupee Debt 2.0% Multilateral 26.2% Short-term Debt 5.7% The composition of external debt showed a steady decline in Government debt from US$59,502 million (60.1 per cent of the total external debt) at end-march 1995 to US$46,735 million (38.7 per cent) at end-december 2004 and a corresponding increase in non- Government debt from US$39,506 million (39.9 per cent of the total debt) to US$74,162 million (61.3 per cent) during this period (Figure 2).

6 3 Figure 2: Share of Government and Non-Government External debt Per cent Mar.1995 Mar Mar Mar Mar Mar Dec Dec Non-Government Debt: Government Debt: Period 3. External Debt Indicators 3.1 External debt to GDP ratio dropped from 30.8 per cent at end-march 1995 to 17.8 per cent at end-march Debt servicing as a proportion of gross current receipts dropped from 25.9 per cent in to 15.8 per cent in However, debt service ratio rose to 18.3 percent during mainly because of redemption of Resurgent India Bonds (RIBs) and prepayment of high cost loans. If these exceptional transactions are excluded, the debt service ratio works out to 10.4 percent during (Table 2). Table 2: India's Key External Debt Indicators (per cent) As at the end of S.No. Indicators March December External Debt to GDP ** ** 2 Concessional Debt to Total Debt Short-term to total Debt Short-term Debt to Foreign Currency Assets Debt service to Current Receipts ** ** (During the year ended) (12.2) (10.4) ** Not computed for the broken year. Note: Figures in brackets indicate debt service ratio excluding exceptional transactions such as prepayments for and prepayments as well as redemption of Resurgent India Bonds (RIBs) for

7 4 4. External Debt and Foreign Currency Assets 4.1 India's foreign foreign currency reserves including foreign currency assets of the RBI, gold, SDRs and Reserve Tranche Position in the International Monetary Fund stood at US$131.2 billion as at the end of December Foreign currency assets of the RBI were of the order of US$125.2 billion as on December 30, 2004 providing a cover of well over hundred per cent to total external debt outstanding as on that date. 5. Currency Composition 5.1 US dollar continues to be the major currency of denomination in India s external debt portfolio. The share of US dollar in the debt stock of the country has, however, declined from 54.3 per cent at end-march 2002 to 43.6 per cent at end-december 2004 (Table 3)(Figure3). Measured in US dollars, the impact of valuation change on India s total external debt due to variation in exchange rate of the US dollar against other major international currencies was quite significant during October-December In fact, India s external debt in terms of US dollars increased by US$4,132 million over the quarter because of depreciation of US dollar against other currencies. Table 3 : Currency Composition of India's External Debt (per cent to total external debt) Currency As at the end of Mar.94 Mar.02 Mar.03 Mar.04 Dec.2003 Dec.2004 US SDRs Indian Rupees Japanese Yen Deutsche Mark French Franc Netherland Guilder Euro* Pound Sterling Canadian Dollar Others** Total US dollar share has an upward bias because IBRD and ADB pooled loans are accounted as US dollar loans. *: Euro includes currency denominated in Euro as well as Euro area currencies converted into Euro. **: Other currencies individually account for less than 0.5 percent of total debt.

8 5 Figure 3:Currency Composition of India's external debt at end-december 2004 Japanese Yen 11.4% Indian Rupees 20.8% Pound Sterling 2.4% SDR 15.8% Other 8.4% Others 0.5% US Dollar 43.6% Euro 5.5% 6. External Debt Management 6.1 The external debt management policy of the Government continues to be one of caution, focusing on raising loans from least expensive sources preferably with longer maturity profiles, accelerating growth of exports, monitoring of short-term debt, keeping commercial debt under manageable limits, and encouraging non-debt creating capital flows.

9 6 Annex - I India s External Debt Outstanding (Quarterly) (Rs. crore) As at the end of Sept. 2003R Dec. 03 R Mar.2004P June 2004P Sept. 2004P Dec. 04QE I. MULTILATERAL 140, , , , , ,573 A. Government Borrowing 128, , , , , ,005 (i) Concessional 102, , , , , ,890 a) IDA 100, , , , , ,434 b) Others 1,458 1,496 1,425 1,476 1,478 1,456 ii) Non-concessional 26,578 22,457 18,583 19,743 20,649 21,115 a) IBRD 18,522 12,791 14,074 14,902 15,511 15,615 b) Others 8,056 9,666 4,509 4,841 5,138 5,500 B. Non-Government Borrowing 11,700 11,657 10,996 11,473 11,326 11,568 (i) Concessional ii) Non-concessional 11,700 11,657 10,996 11,473 11,326 11,568 a) Public Sector 8,212 8,130 7,916 8,353 8,313 8,608 i) IBRD 4,267 4,205 4,402 4,699 4,663 4,422 ii) Others 3,945 3,925 3,514 3,654 3,650 4,186 b) Financial Institutions 2,942 2,984 2,828 2,838 2,737 2,666 i) IBRD ii) Others 2,490 2,564 2,448 2,448 2,408 2,384 c) Private Sector i) IBRD ii) Others II. BILATERAL 80,437 80,996 77,085 77,875 76,662 78,022 A. Government borrowing 60,919 61,134 58,121 58,546 57,849 58,959 (i) Concessional 60,519 60,736 57,742 58,282 57,584 58,708 ii) Non-concessional B. Non-Government borrowing 19,518 19,862 18,964 19,329 18,813 19,063 (i) Concessional 8,578 8,980 8,876 8,951 8,791 9,213 a) Public Sector 5,561 5,816 5,759 5,797 5,704 6,042 b) Financial Institutions 3,017 3,164 3,117 3,154 3,087 3,171 c) Private Sector ii) Non-concessional 10,940 10,882 10,088 10,378 10,022 9,850 a) Public Sector 5,017 5,189 4,852 4,973 4,751 4,737 b) Financial Institutions 3,140 3,405 3,120 3,206 3,095 3,013 c) Private Sector 2,783 2,288 2,116 2,199 2,176 2,100 III. IMF IV. EXPORT CREDIT 22,321 22,008 20,480 20,928 21,157 21,717 a) Buyers credit 12,194 11,941 11,002 11,325 11,770 12,423 b) Suppliers credit 4,865 4,786 4,457 4,535 4,380 4,189 c) Export credit component of bilateral credit 5,262 5,281 5,021 5,068 5,007 5,105 d) Export credit for defence purchases V. COMMERCIAL BORROWINGS 111,395 96,307 96, , , ,578 a) Commercial bank loans # 49,539 52,770 50,611 56,582 58,026 63,382 b) Securitized borrowings ## 58,486 39,528 41,616 44,085 45,702 43,501 c) Loans/securitized borrowings etc., with 3,370 4,009 3,789 3,783 3,731 3,695 multilateral/bilateral guarantee + IFC(W) d) Self-Liquidating Loans VI. NRI 125, , , , , ,596 (Above one year maturity)

10 7 (Rs. crore) As at the end of Sept. 2003R Dec. 03 R Mar.2004P June 2004P Sept. 2004P Dec. 04QE VII. RUPEE DEBT* 11,975 12,041 11,860 10,643 10,636 10,432 a) Defence 10,548 10,614 10,543 9,356 9,351 9,147 b) Civilian 1,427 1,427 1,317 1,287 1,285 1,285 VIII. TOTAL LONG TERM DEBT (I TO VII) 491, , , , , ,918 IX. SHORT-TERM DEBT 29,234 27,467 19,251 27,134 28,108 29,917 a) NRI deposits (up to one year maturity)@ 7,446 4,332 1, b) Others (trade-related)** 21,788 23,135 17,930 27,134 28,108 29,917 of which, short-term debt over 6 months 21,788 23,135 17,930 27,134 28,108 29,917 X. GRAND TOTAL ( VIII+IX ) 521, , , , , ,835 QE: Quick Estimates R: Revised P: Provisional IFC(W): International Finance Corporation (Washington). #: includes Financial Lease since ##: includes Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs), also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. FCCB debt has been adjusted since End-March, 1998 after netting out conversion into equity and Figures include accrued interest. *: Rupee denominated debt owed to Russia and payable through exports. **: This does not include Suppliers credits of up to 180 days. ***: The definition of concessional debt here includes concessional categories under Multilateral and Bilateral debt and Rupee debt under item VII. Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence,Reserve Bank of India, Securities & Exchange Board of India.

11 8 Annex - II India s External Debt Outstanding (Quarterly) (US $ million) As at the end of Sept. 2003R Dec. 03 R Mar.2004P June 2004P Sept. 2004P Dec. 04QE I. MULTILATERAL 30,570 30,357 29,288 29,894 30,142 31,661 A. Government Borrowing 28,021 27,805 26,826 27,393 27,684 29,017 (i) Concessional 22,231 22,890 22,674 23,089 23,201 24,193 a) IDA 21,913 22,563 22,356 22,767 22,880 23,860 b) Others ii) Non-concessional 5,790 4,915 4,152 4,304 4,483 4,824 a) IBRD 4,035 2,799 3,144 3,249 3,368 3,568 b) Others 1,755 2,116 1,008 1,055 1,115 1,256 B. Non-Government Borrowing 2,549 2,552 2,462 2,501 2,458 2,644 (i) Concessional ii) Non-concessional 2,549 2,552 2,462 2,501 2,458 2,644 a) Public Sector 1,789 1,780 1,770 1,821 1,804 1,968 i) IBRD ,025 1,012 1,011 ii) Others b) Financial Institutions i) IBRD ii) Others c) Private Sector i) IBRD ii) Others II. BILATERAL 17,527 17,730 17,278 16,974 16,634 17,832 A. Government borrowing 13,272 13,380 12,988 12,764 12,554 13,470 (i) Concessional 13,185 13,293 12,901 12,706 12,496 13,413 ii) Non-concessional B. Non-Government borrowing 4,255 4,350 4,290 4,210 4,080 4,362 (i) Concessional 1,869 1,966 1,983 1,952 1,908 2,105 a) Public Sector 1,212 1,273 1,287 1,264 1,238 1,381 b) Financial Institutions c) Private Sector ii) Non-concessional 2,386 2,384 2,307 2,258 2,172 2,257 a) Public Sector 1,094 1,137 1,110 1,082 1,030 1,085 b) Financial Institutions c) Private Sector III. IMF IV. EXPORT CREDIT 4,867 4,821 4,680 4,555 4,586 4,978 a) Buyers credit 2,660 2,616 2,532 2,463 2,550 2,851 b) Suppliers credit 1,061 1,049 1, c) Export credit component of bilateral credit 1,146 1,156 1,122 1,105 1,087 1,166 d) Export credit for defence purchases V. COMMERCIAL BORROWINGS 24,296 21,104 22,101 22,719 23,284 25,371 a) Commercial bank loans # 10,805 11,564 11,650 12,307 12,572 13,020 b) Securitized borrowings ## 12,756 8,662 9,579 9,589 9,904 11,503 c) Loans/securitized borrowings etc., with multilateral/bilateral guarantee + IFC(W) d) Self-Liquidating Loans VI. NRI DEPOSITS@ 27,351 30,128 31,216 30,785 30,559 31,799 (Above one year maturity)

12 9 (US $ million) As at the end of Sept. 2003R Dec. 03 R Mar.2004P June 2004P Sept. 2004P Dec. 04QE VII. RUPEE DEBT* 2,611 2,638 2,721 2,315 2,305 2,392 a) Defence 2,300 2,326 2,427 2,035 2,026 2,099 b) Civilian VIII. TOTAL LONG TERM DEBT (I TO VII) 107, , , , , ,033 IX. SHORT-TERM DEBT 6,376 6,023 4,431 5,902 6,090 6,864 a) NRI deposits (up to one year maturity)@ 1, b) Others (trade-related)** 4,752 5,073 4,127 5,902 6,090 6,864 of which, short-term debt over 6 months 4,752 5,073 4,127 5,902 6,090 6,864 X. GRAND TOTAL (VIII+IX) 113, , , , , ,897 Memo Item : Concessional Debt*** 41,042 40,787 40,279 40,062 39,910 42,103 QE: Quick Estimates R: Revised P: Provisional IFC(W): International Finance Corporation (Washington). #: includes Financial Lease since ##: includes Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs), also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. FCCB debt has been adjusted since End-March, 1998 after netting out conversion into equity and Figures include accrued interest. *: Rupee denominated debt owed to Russia and payable through exports. **: This does not include Suppliers credits of up to 180 days. ***: The definition of concessional debt here includes concessional categories under Multilateral and Bilateral debt and Rupee debt under item VII. Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence,Reserve Bank of India, Securities & Exchange Board of India.

13 Annex - III India s External Debt Outstanding (Annual) End - March (Rs. crore) R 2002R 2003 R 2004 P I. MULTILATERAL 40,386 68,262 77,758 82,199 89,819 98, , , , , , , , ,069 A. Government Borrowing 38,429 63,787 72,286 75,617 82,223 89,428 94, , , , , , , ,073 (i) Concessional 25,849 40,990 48,206 50,250 55,963 60,425 63,418 70,560 78,979 84,051 89,008 96, , ,490 a) IDA 25,221 40,017 47,167 49,238 54,897 59,349 62,343 69,392 77,725 82,721 87,753 94, , ,065 b) Others ,039 1,012 1,066 1,076 1,075 1,168 1,254 1,330 1,255 1,329 1,437 1,425 ii) Non-concessional 12,580 22,797 24,080 25,367 26,260 29,003 31,406 33,658 35,552 36,270 38,878 41,846 27,168 18,583 a) IBRD 12,161 21,134 21,602 22,518 22,442 23,721 24,354 25,438 25,747 25,343 26,376 28,012 19,069 14,074 b) Others 419 1,663 2,478 2,849 3,818 5,282 7,052 8,220 9,805 10,927 12,502 13,834 8,099 4,509 B. Non-Government Borrowing 1,957 4,475 5,472 6,582 7,596 8,745 10,242 12,686 15,151 16,811 17,219 17,610 12,993 10,996 (i) Concessional ii) Non-concessional 1,957 4,475 5,472 6,582 7,596 8,745 10,242 12,686 15,151 16,811 17,219 17,610 12,993 10,996 a) Public Sector 303 1,424 1,777 2,786 3,248 4,628 4,738 8,765 10,716 12,183 12,386 12,729 9,255 7,916 i) IBRD ,300 2,158 2,013 2,942 3,341 5,217 6,349 6,931 7,114 7,298 4,378 4,402 ii) Others ,235 1,686 1,397 3,548 4,367 5,252 5,272 5,431 4,877 3,514 b) Financial Institutions 1,270 2,345 2,883 2,718 2,559 2,464 2,391 2,171 2,723 3,099 3,368 3,736 3,177 2,828 i) IBRD 872 1,720 1,791 1,667 1,605 1,643 1,618 1,011 1, ,017 1, ii) Others ,092 1, ,160 1,666 2,100 2,351 2,687 2,652 2,448 c) Private Sector ,078 1,789 1,653 3,113 1,750 1,712 1,529 1,465 1, i) IBRD ,610 1,244 1,639 1,321 1,312 1,173 1, ii) Others , II. BILATERAL 27,378 47,603 50,258 54,580 63,761 65,740 62,891 67,104 74,304 79,278 74,519 74,762 79,918 77,085 A. Government borrowing 23,065 40,371 42,220 45,387 52,965 53,119 49,092 51,420 57,106 60,920 56,802 56,302 60,242 58,121 (i) Concessional 23,065 40,371 42,220 45,387 52,965 52,078 48,165 50,583 56,425 59,380 55,504 55,418 59,687 57,742 ii) Non-concessional , ,540 1, B. Non-Government borrowing 4,313 7,232 8,038 9,193 10,796 12,621 13,799 15,684 17,198 18,358 17,717 18,460 19,676 18,964 (i) Concessional ,243 1,453 1,896 3,088 3,409 1,770 2,738 4,022 5,579 6,885 8,013 8,876 a) Public Sector , ,488 2,962 4,278 5,152 5,759 b) Financial Institutions ,243 1,263 1,242 2,712 2,355 1,578 2,212 2,534 2,617 2,607 2,861 3,117 c) Private Sector

14 (Rs. crore) End - March R 2002R 2003 R 2004 P ii) Non-concessional 3,799 6,304 6,795 7,740 8,900 9,533 10,390 13,914 14,460 14,336 12,138 11,575 11,663 10,088 a) Public Sector 2,957 4,472 4,726 5,475 6,120 5,602 5,216 5,360 5,197 4,752 3,715 4,822 5,116 4,852 b) Financial Institutions 527 1,236 1,571 1,718 1,883 2,197 2,436 4,216 4,363 4,151 3,568 3,708 3,572 3,120 c) Private Sector ,734 2,738 4,338 4,900 5,433 4,855 3,045 2,975 2,116 III. IMF 5,132 8,934 14,985 15,812 13,545 8,152 4,714 2,622 1, IV. EXPORT CREDIT 8,374 12,418 13,484 16,307 20,876 18,432 21,044 25,783 28,812 29,564 27,625 26,110 23,647 20,480 a) Buyers credit 2,230 3,566 3,989 5,474 6,227 7,216 11,184 15,433 18,097 18,734 17,336 16,147 13,344 11,002 b) Suppliers credit 933 1,380 2,050 4,129 6,432 5,382 4,791 5,453 5,532 5,582 5,401 5,144 5,113 4,457 c) Export credit component of bilateral credit 1,390 2,428 3,671 3,947 4,604 4,529 4,189 4,399 4,905 5,165 4,828 4,819 5,190 5,021 d) Export credit for defence purchases 3,821 5,044 3,774 2,757 3,613 1, V. COMMERCIAL BORROWINGS 19,727 35,711 36,367 38,782 40,915 47,642 51,454 67,086 89,019 86, , , ,119 96,016 a) Commercial bank loans # 13,200 20,933 20,156 18,694 18,384 23,120 29,968 39,419 43,892 44,015 46,169 48,683 46,953 50,611 b) Securitized borrowings ## 5,840 13,219 13,990 16,557 16,935 19,790 17,320 23,786 41,464 39,564 64,769 62,714 57,747 41,616 c) Loans/securitized borrowings etc., 687 1,512 2,105 2,430 2,998 3,050 3,521 3,451 3,430 3,271 2,901 2,511 2,419 3,789 with multilateral/bilateral guarantee + IFC(W) d) Self-Liquidating Loans ,101 2,598 1, VI. NRI & FC(B&O) 20,030 27,384 34,941 39,729 39,006 37,802 39,527 47,050 50,048 59,120 77,273 83, , ,618 (Above one year maturity) a) NRI deposits 19,843 26,737 34,113 39,729 39,006 37,802 39,527 47,050 50,048 59,120 77,273 83, , ,618 b) FC (B&O) VII. RUPEE DEBT* 25,199 31,956 33,149 31,634 30,315 28,150 26,978 23,204 20,077 19,218 17,345 14,807 13,405 11,860 a) Defence 22,875 28,796 30,177 28,735 27,603 25,602 24,590 20,976 18,004 17,290 15,573 13,198 11,946 10,543 b) Civilian 2,324 3,160 2,972 2,899 2,712 2,548 2,388 2,228 2,073 1,928 1,772 1,609 1,459 1,317 VIII. TOTAL LONG TERM DEBT (I TO VII) 146, , , , , , , , , , , , , ,128

15 End - March (Rs. crore) R 2002R 2003 R 2004 P IX. SHORT-TERM DEBT 16,775 20,642 19,804 11,375 13,448 16,637 24,153 19,929 18,137 17,162 16,919 13,396 22,180 19,251 a) NRI deposits (up to one year 7,018 6,517 8,131 4,078 7,176 9,896 13,547 8,657 8,852 5,983 4,463 4,724 9,320 1,321 b) FC(B&O) Deposits (up to one-year ,433 1, c) Others (trade-related)** 9,429 13,201 9,240 5,625 6,272 6,741 10,606 11,272 9,285 11,179 12,456 8,672 12,860 17,930 of which, short-term debt over 6 months 4,976 4,738 5,601 5,625 6,272 6,741 10,606 11,272 9,285 11,179 12,456 8,672 12,860 17,930 X. GRAND TOTAL ( VIII+IX ) 163, , , , , , , , , , , , , ,379 R: Revised P: Provisional IFC(W): International Finance Corporation (Washington). FC(B&O)Deposits : Foreign Currency (Banks & others) Deposits. #: includes Financial Lease since ##: includes India Development Bonds (IDBs), Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs), also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. FCCB debt has been adjusted since End-March, 1998 after netting out conversion into equity and Figures include accrued The Scheme was discontinued in July, *: Rupee denominated debt owed to Russia and payable through exports. **: This does not include Suppliers credits of up to 180 days. ***: The definition of concessional debt here includes concessional categories under multilateral and bilateral debt and rupee debt under item VII. 12 Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence,Reserve Bank of India, Securities & Exchange Board of India.

16 Annex - IV India s External Debt Outstanding (Annual) End - March (US $ million) R 2002R 2003 R 2004 P I. MULTILATERAL 20,900 23,090 25,008 26,263 28,542 28,616 29,218 29,553 30,534 31,438 31,105 31,899 30,002 29,288 A. Government Borrowing 19,887 21,651 23,247 24,158 26,127 26,059 26,369 26,344 26,967 27,584 27,414 28,290 27,271 26,826 (i) Concessional 13,377 14,320 15,503 16,044 17,777 17,576 17,636 17,836 18,596 19,269 19,080 19,713 21,559 22,674 a) IDA 13,052 13,974 15,169 15,721 17,438 17,263 17,337 17,541 18,301 18,964 18,811 19,440 21,257 22,356 b) Others ii) Non-concessional 6,510 7,331 7,744 8,114 8,350 8,483 8,733 8,508 8,371 8,315 8,334 8,577 5,712 4,152 a) IBRD 6,293 6,796 6,947 7,203 7,136 6,938 6,772 6,430 6,062 5,810 5,654 5,742 4,009 3,144 b) Others ,214 1,545 1,961 2,078 2,309 2,505 2,680 2,835 1,703 1,008 B. Non-Government Borrowing 1,013 1,439 1,761 2,105 2,415 2,557 2,849 3,209 3,567 3,854 3,691 3,609 2,731 2,462 (i) Concessional ii) Non-concessional 1,013 1,439 1,761 2,105 2,415 2,557 2,849 3,209 3,567 3,854 3,691 3,609 2,731 2,462 a) Public Sector ,033 1,353 1,318 2,216 2,523 2,793 2,655 2,609 1,945 1,770 i) IBRD ,319 1,495 1,589 1,525 1, ii) Others ,028 1,204 1,130 1,113 1, b) Financial Institutions i) IBRD ii) Others c) Private Sector i) IBRD ii) Others II. BILATERAL 14,168 15,466 16,154 17,450 20,270 19,213 17,494 16,969 17,499 18,175 15,975 15,323 16,802 17,278 A. Government borrowing 11,936 13,099 13,578 14,519 16,841 15,535 13,652 12,998 13,447 13,966 12,176 11,540 12,664 12,988 (i) Concessional 11,936 13,099 13,578 14,519 16,841 15,232 13,394 12,786 13,286 13,613 11,898 11,359 12,547 12,901 ii) Non-concessional B. Non-Government borrowing 2,232 2,367 2,576 2,931 3,429 3,678 3,842 3,971 4,052 4,209 3,799 3,783 4,138 4,290 (i) Concessional ,196 1,411 1,685 1,983 a) Public Sector ,083 1,287 b) Financial Institutions c) Private Sector

17 End - March ((US $ million) R 2002R 2003 R 2004 P ii) Non-concessional 1,966 2,019 2,176 2,466 2,826 2,775 2,894 3,523 3,407 3,287 2,603 2,372 2,453 2,307 a) Public Sector 1,530 1,432 1,513 1,745 1,943 1,631 1,453 1,358 1,224 1, ,076 1,110 b) Financial Institutions ,067 1, c) Private Sector ,098 1,155 1,246 1, III. IMF 2,623 3,451 4,799 5,040 4,300 2,374 1, IV. EXPORT CREDIT 4,301 3,990 4,322 5,203 6,629 5,376 5,861 6,526 6,789 6,780 5,923 5,368 4,973 4,680 a) Buyers credit 1,154 1,142 1,277 1,745 1,977 2,101 3,116 3,908 4,265 4,297 3,717 3,311 2,807 2,532 b) Suppliers credit ,316 2,042 1,567 1,335 1,380 1,303 1,280 1,158 1,069 1,075 1,026 c) Export credit component of bilateral credit ,181 1,263 1,464 1,325 1,165 1,112 1,155 1,184 1, ,091 1,122 d) Export credit for defence purchases 1,945 1,615 1, , V. COMMERCIAL BORROWINGS 10,209 11,715 11,643 12,363 12,991 13,873 14,335 16,986 20,978 19,943 24,408 23,320 22,530 22,101 a) Commercial bank loans # 6,831 6,704 6,453 5,959 5,837 6,731 8,349 9,981 10,343 10,094 9,899 9,962 9,875 11,650 b) Securitized borrowings ## 3,022 4,512 4,479 5,278 5,377 5,751 4,825 6,022 9,772 9,073 13,887 12,851 12,146 9,579 c) Loans/securitized borrowings etc., with multilateral/bilateral guarantee + IFC(W) d) Self-Liquidating Loans VI. NRI & FC(B&O) DEPOSITS@ 10,209 10,083 11,141 12,665 12,383 11,011 11,012 11,913 11,794 13,559 16,568 17,154 23,160 31,216 (Above one year maturity) a) NRI deposits 10,114 9,833 10,876 12,665 12,383 11,011 11,012 11,913 11,794 13,559 16,568 17,154 23,160 31,216 b) FC (B&O) VII. RUPEE DEBT* 12,847 10,420 10,616 10,084 9,624 8,233 7,511 5,874 4,731 4,406 3,719 3,034 2,822 2,721 a) Defence 11,645 9,222 9,661 9,160 8,763 7,488 6,847 5,311 4,243 3,964 3,339 2,704 2,515 2,427 b) Civilian 1,202 1, VIII. TOTAL LONG TERM DEBT (I TO VII) 75,257 78,215 83,683 89,068 94,739 88,696 86,744 88,485 92,612 94,327 97,698 96, , ,284

18 End - March ((US $ million) R 2002R 2003 R 2004 P IX. SHORT-TERM DEBT 8,544 7,070 6,340 3,627 4,269 5,034 6,726 5,046 4,274 3,936 3,628 2,745 4,669 4,431 a) NRI deposits (up to one year 3,577 2,486 2,603 1,300 2,278 2,883 3,773 2,192 2,086 1, , b) FC(B&O) Deposits (up to one-year c) Others (trade-related)** 4,800 4,227 2,958 1,794 1,991 2,151 2,953 2,854 2,188 2,564 2,671 1,777 2,707 4,127 of which, short-term debt over 6 months 2,533 1,517 1,793 1,794 1,991 2,151 2,953 2,854 2,188 2,564 2,671 1,777 2,707 4,127 GRAND TOTAL (VIII+IX) 83,801 85,285 90,023 92,695 99,008 93,730 93,470 93,531 96,886 98, ,326 98, , ,715 Memo Items : Concessional Debt*** 38,426 38,187 40,097 41,112 44,845 41,944 39,489 36,944 37,258 38,210 35,893 35,517 38,613 40,279 R: Revised P: Provisional IFC(W): International Finance Corporation (Washington). FC(B&O)Deposits : Foreign Currency (Banks & others) Deposits. #: includes Financial Lease since ##: includes India Development Bonds (IDBs), Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs), also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. FCCB debt has been adjusted since End-March, 1998 after netting out conversion into equity and Figures include accrued The Scheme was discontinued in July, *: Rupee denominated debt owed to Russia and payable through exports. **: This does not include Suppliers credits of up to 180 days. ***: The definition of concessional debt here includes concessional categories under multilateral and bilateral debt and rupee debt under item VII. 15 Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence,Reserve Bank of India, Securities & Exchange Board of India.